Capable Partners Inc.

“Description;Amount^Program Expense;59164|Flowers Memorials CC Processing;2068|Outreach Booths Speaking;1502|Member Software Internet;1286|Insurance;2312|Office Supplies Equipment;438|Phone;28|Tax Filing;4204|Accounting Fee;162^Total;71164^”

“Accumulated Depreciation 10,261.00 Prior Year Cash Understated 1,506.00 Total 11,767.00”

“In order to accomplish its mission, the organization owns and operates several fish houses and a pontoon boat. Net book value at the end of the reporting year of said equipment is $33,118. In the last week of the reporting year, one of the organization's fish houses was stolen and not recovered, causing the organization to suffer an involuntary dispostion of asset (by theft). The organization received a casualty loss payment from its insurer and purchased a replacement asset within 120 days of the end of its reporting year. Although the claim was physically received in the subsequent year, the organization felt it appropriate to record the entirety of the claim proceeds as a receivable at 12/31/2023 in the amount of $25,425.”

“As described above regarding Form 990EZ, Part II, Line 24, the organization lost a depreciable asset by involuntary conversion. Upon filing a claim with its insurance carrier, the organization became aware that the ultimate reimbursement would exceed the amount of its adjusted basis. In other circumstances the organization would have reported a gain on disposition, but because replacement property of like kind and used for like purposes was purchased within the applicable replacement period at a cost greater than the gain, pursuant to purposes was purchased within the applicable replacement period at a cost greater than the gain, pursuant to guidance found in IRS Publication 547, the organization elected to defer the gain of disposition and apply said deferred gain against the cost of the replacement property. The deferred gain recorded as a liability as of the end of the reporting period amounted to $13,255.”